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Single-family home sales jumped 13 percent in Fairfield County for the first quarter, compared with the same time frame last year, according to the first-quarter report from William Pitt Sotheby’s International Realty. Days on the market declined 8 percent. The median selling price fell 3 percent countywide, down to $394,000 from $405,000 in the first quarter of 2014.
“It’s hard to encapsulate the first quarter,’’ said Rick Higgins, CEO of Higgins Group. “It was like three different periods. Before the snow, the snow, and after the snow. Since March it has been pretty busy. The spring market has started to take off.”
Norwalk posted several encouraging signs. The median sale price rose 20 percent compared with the first quarter in 2014. For the 12 months that ended in the first quarter, the median sale price for a single family home in Norwalk rose 4 percent to $441,000.
Inventory in Norwalk fell 20 percent, and the average days on market -- 88 -- was the lowest figure in Fairfield County.
“It’s nice to see the median sale price rise like that in Norwalk,’’ said Elizabeth Kamar of William Raveis in Norwalk and president of the Mid-Fairfield County Association of Realtors. “There was a time when Norwalk had the largest sustained increases of any community in the county. It’s not as big as the jump in some other towns, but it’s still pretty good.”
People “have always found Norwalk a desirable place to live. It had been affected by the downturn more than some other communities. But things are looking good,” Kamar said.
The first quarter report from William Pitt Sotheby’s said low interest rates and a strong economy bode well for the rest of year. “Pending sales were a full 78 percent higher than the first quarter of 2014 as buyers took advantage of the strong economy and low interest rates to secure new housing. Both local buyers and relocating buyers were active in the marketplace very early in the season, mirroring 2014 patterns,’’ the report said.
The delayed spring market could spark a strong second quarter. Gregg Wagner, Coldwell Banker's regional vice president in Fairfield County, said there are already encouraging signs.
"We thought a lot of the demand might be shifted to the second quarter and so far that is coming true,'' Wagner said. "It could be a really dynamite second quarter. It has all the trappings for just that. I think this is going to be the most important quarter for the year."
Click here for the William Pitt Sotheby’s market report. The first quarter report from Berkshire Hathaway HomeServices New England Properties is attached as a PDF.
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